Early morning trading showed the ratio recovering, with short-term uptrend showing strong recovery signs. Midday trading once recovered to around 71,000 before pulling back under pressure. Afternoon adjustments retested the 70,000 level, and after the decline halted, bulls were back with volume pushing recovery. Currently, it's surging again to around 71,000 with oscillation. Ethereum remained oscillating around 2,120-2,160 from early morning through afternoon, now seeing a round of bullish volume recovery with the ratio pushing up to around 2,175 before facing pressure.

Intraday early session positioning: Entered short positions on Bitcoin around 70,400, added positions on the 70,900 rebound to raise average price, with the market retracing to around 70,200 for a 400+ point profit. Ethereum positioned short at 2,160 in early session, retested around 2,030 for profits, capturing 30+ points.

On the daily chart, Bitcoin closed red for three consecutive days, with today likely closing green, but the daily K-line remains below the 5-day and 10-day moving averages, with short-term MAs turning downward creating resistance. MACD fast and slow lines show a dead cross above the zero axis diverging downward, with green bar momentum continuing to expand volume. The daily-level adjustment hasn't fully concluded. Today's rebound is primarily technical correction. The 71,500-72,000 region above is the resistance zone following the previous support breakdown and near the middle band of the daily Bollinger Band. If the rebound fails to break through this region, there remains risk of further downside testing. Combining the four-hour chart, the overall structure remains in rebound after the decline, currently in a corrective structure following the bottom test. The ratio has recovered to the consolidation zone before the previous round. Currently still under pressure at key resistance levels. The rebound has reached our mid-line short position target from high expectations. Continue maintaining a bearish outlook.

Bitcoin can short at 71,000-71,500, targeting 69,000 nearby. Ethereum can short at 2,170-2,200, targeting a 2,100 breakdown for continuation toward 2,070 nearby. #加密行情震荡 $BTC $ETH